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My point? The man had all sorts of money, "saved for a rainy day", but so far, it hasn't rained. He "made do" with things, all his life, never enjoying any of the fruits of his labor. He's 91-92 years old, his wife died a couple of years ago, and the last we knew, he's still moping around his house, most likely by himself, because he's too grumpy and too cheap to have any friends.....after all, people are only friendly to you, so they can get your money away from you, was the way he looked at life, so he didn't socialize too well. And his "grumpyness" certainly alienated my wife and me.
Given his age, he may remember the Great Depression. My grandparents were somewhat scarred by it; they were raising 5 kids at the time. Grandma and Grandpa thought it was a sin to waste food- even if you were full you should clean your plate or "eat that last little bit up" on the serving dish. Grandpa was downright stingy with Grandma- she really wanted new linoleum for her tiny kitchen and he said the old stuff was fine. Grandma spent a little money she inherited from her parents to replace it. (And after Grandma died Grandpa was QUITE generous with his second wife. Don't get me started. )
I agree on enjoying some of it along the way, though. As long as you keep track of the long-term financial picture and set priorities on splurges (travel OR expensive cares OR a mansion but not all of them) you may as well be rewarded for your work and savings. There are no guarantees about how long you'll live and you can't take it with you.
$1 million dollar isn’t much in grand scheme of things and I would still keep my day job but if I was deposited $1 million dollars, I would put it in a S&P fund and in 20 years it should be worth 4 million (assuming around a 8-10% rate of return and your money doubling every 10 years.).
I could live life feeling secure knowing that I can retire early and I have a million dollars in my bank account I could fall back on.
$1 million dollar isn’t much in grand scheme of things and I would still keep my day job but if I was deposited $1 million dollars, I would put it in a S&P fund and in 20 years it should be worth 4 million (assuming around a 8-10% rate of return and your money doubling every 10 years.).
I could live life feeling secure knowing that I can retire early and I have a million dollars in my bank account I could fall back on.
Like CBP said, IF you are lucky enough to pick the right 20 years.
Locally there is an ad running for a casino. It shows people telling what they would buy if they won the million dollar jackpot.
I've got to say, the general population has no idea what a million dollars is (or maybe it is just the gambling public?). Sorry, folks, a million dollars will not buy you your own private jet let alone afford to fly it anywhere, your own gigantic yacht, or your own huge private beach in a place with fantastic weather.
There are a lot of places in America where, after taxes, your million dollar jackpot won't even buy you a middle class 3 bedroom house.
Not that I'd turn down a free million dollars, but it just isn't all that much spending power any more.
My Condo in San Francisco went for $1.8 million last time it sold. 2bdrm 2 bath, 2000sqft
I guess I will never be going back
I'd only spend half on cocaine and hookers. I'd waste the other half.
Pro tip take your $300k net after tax 50% payout and head to Venezuela. You’ll get the worlds best looking hookers and llello for pesentas on the $. One may not make it home alive but it would be one helluva party.
I'd only spend half on cocaine and hookers. I'd waste the other half.
Quote:
Originally Posted by SWFL_Native
Pro tip take your $300k net after tax 50% payout and head to Venezuela. You’ll get the worlds best looking hookers and llello for pesentas on the $. One may not make it home alive but it would be one helluva party.
If llello is pronounced yay-yo, I haven't heard that since the movie Scarface. Is it?
Pro tip take your $300k net after tax 50% payout and head to Venezuela. You’ll get the worlds best looking hookers and llello for pesentas on the $. One may not make it home alive but it would be one helluva party.
Having a hedonistic and luxurious party in a place like Venezuela.... not only is that in bad taste, it's also very dangerous, basically begging to be kidnapped/robbed/murdered.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I had a chuckle the other day when Bravo TV had a commercial for a show called "Million Dollar Listing New York." I thought it must be a show about the subsidized/section 8 housing there. Even here where I live the median listing is $1.2 million, median sold price $1.4 million.
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